Wednesday, May 12, 2010

Thieves Flood Victim’s Phone With Calls to Loot Bank Accounts

Bank thieves have rolled out a new weapon in their arsenal of tactics — telephony denial-of-service attacks that flood a victim’s phone with diversionary calls while the thieves drain the victim’s account of money.

A Florida dentist lost $400,000 from his retirement account last year in this manner, and the FBI said the attacks are growing.

A spokeswoman for the Communication Fraud Control Association — a telecom industry organization — told Threat Level that although fraudulent transfers have been halted in a number of cases, the losses are increasing.

“I know it’s in the millions,” said Roberta Aranoff, executive director of the CFCA. “It has exceeded a million dollars easily.”